Although earning your nursing degree will open up many career opportunities for you, there are also many costs associated with earning the degree in the first place. From tuition, to room and board to the cost of books, the cost of earning a nursing degree adds up quickly. Thankfully, there are many opportunities out there that can help make it more affordable for you to earn your nursing degree and to launch a career in this exciting field. Here’s a look at a few of the avenues you might pursue to help absorb the costs of attending nursing school.

Scholarships

Since they don’t have to be paid back, scholarships are the ideal way to pay for nursing school. Thankfully, you don’t have to be a recent high school graduate or the valedictorian of your class in order to receive a scholarship. While there are certainly scholarships available to those who have demonstrated a special ability or who have exhibited great academic achievement, other factors including religion, special interests and ethnic background can also help make you eligible for nursing scholarships. In addition, most states and many colleges and universities also offer nursing scholarships, particularly to those who demonstrate a financial need. Be sure to talk to your college’s financial aid officer in order to learn more about available scholarship opportunities.

Grants

Grants are another great source of financial aid because they also do not have to be repaid. Grants are based entirely on financial need and may be granted through the college or university you plan to attend as well as through your state. In addition, the federal government offers the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant to those with a financial need. The Pell Grant is awarded to undergraduate students who attend on a part-time or full-time basis, while the Supplemental Educational Opportunity Grant provides an additional supplement to the Pell Grant.

Work Study Programs

Work Study programs can also go a long way toward helping you pay for nursing school while also potentially helping you gain valuable work experience. Through a work study program, you will work at a part-time job that may be located on or off campus. Either way, the work you do goes toward paying for your college expenses. In order to qualify for a work study program, you need to demonstrate financial need. In addition, the number of work study programs available will depend upon the amount of funding that is available.

Loans

If you do not qualify for grants, scholarships or participation in a work study program, you can still turn to educational loans to help you pay for your nursing degree program. Although there are several different avenues you can take in terms of obtaining educational loans, there are three primary types of loans you will want to consider pursuing. These include:

· Federal Perkins Loan – a federal loan that is administered trough the college and is available to both graduate and undergraduate students. This loan is based on financial need as well as the availability of funds. You do not have to start repaying this loan until 9 months after you leave school or drop to a half-time status, though the 5% interest rate does start getting charged against you right away.

· Federal Stafford Loans for students and Federal PLUS Loans for parents – both of these programs are available through any financial institution in the United States that participates in the FFEL program. Or, a loan can be obtained through the federal government through a direct loan program. Rates for the Stafford loan are currently as low as 2.82%, while rates for the PLUS loans are currently as low as 4.22%. The maximum rate that is charged on the Stafford loan is 8.25%, while the maximum charged on PLUS loans is 9%.

· Supplemental Loans – these loans are provided to students or to their parents through the financial institution of their choice and are not needs-based.
Regardless of which form of financial assistance you believe you will be eligible to receive, it is in your best interest to complete a Free Application for Federal Student Aid (FAFSA) form. Many grants, scholarships, loans and other forms of financial assistance require completing this form in order to be eligible.

If you are ready to start done the path toward earning a nursing degree, visit the Top Colleges nursing degree page today to learn more about available degree programs!